Greenlam Industries (GREENLAM) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue grew 18.2% YoY to nearly ₹797 crore, with EBITDA before Forex at ₹81.1 crore and gross margin at 52.9%.

• Net profit was ₹21.2 crore, reversing a net loss of ₹15.7 crore YoY, with broad-based growth across most segments except engineered doors.

• Chipboard business turned EBITDA positive for the first time, contributing ₹94.6 crore in revenue, up 205.2% YoY.

• Export shipment delays due to West Asia conflicts postponed ₹27 crore revenue to Q2.

• Working capital days improved to 56 days YoY; net debt stood at ₹934 crore as of June 30, 2026.

Financial highlights

• Net revenue for Q1 FY27 was ₹796.7 crore, up 18.2% YoY; sequentially down 7% from Q4, in line with seasonal trends.

• Gross margin was 52.9% vs 53.1% YoY; sequential margin improved by 140 bps due to price hikes.

• EBITDA before Forex grew 48.2% YoY to ₹81.1 crore; EBITDA margin rose to 10.2% from 8.1%.

• Net profit was ₹21.2 crore vs net loss of ₹15.7 crore YoY, aided by higher operating profit and lower Forex/interest costs.

• Net working capital at ₹493.6 crore (56 days), inventory at ₹807 crore (92 days), and trade receivables at ₹213.4 crore (24 days).

Outlook and guidance

• FY27 will focus on sweating existing assets; no major new capacity additions except laminate press line.

• CapEx for FY27 budgeted at ₹130-135 crore, with ₹70 crore for laminate expansion.

• Laminate revenue growth guidance maintained at 10-12% for FY27.

• Brownfield expansion of laminate manufacturing at Naidupeta Plant is on schedule, with commercial production expected by Q4 FY27.

• Export postponements of ₹27 crore due to geopolitical disruptions and freight delays.